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Predatory Loans or Free Market?

Last week, Oklahoma State Senator David Holt announced on Twitter that he was pulling Senate Bill 1314 after public opinion came out strongly against the bill, saying he did not feel it would pass. The proposed bill would have allowed companies in Oklahoma to lend up to $3,000 with interest capped at twenty percent per month, which would be $600. Senator Holt indicated he thinks such a loan would be bad for those borrowing but that it should be legal anyway.

Oklahoma Watch – The lending program, known as a flex loan, is similar to payday loans and critics say it can lead to the same results – an endless cycle of debt.

Holt said members of the payday lending industry approached him about writing the bill, SB 1314, in order to avoid pending federal regulations from the Consumer Financial Protection Bureau.

The industry requests align with his goal of less government regulation of private industry, Holt said.

Holt agreed […] → Keep reading

The Death of Liberty

On July 4, 1776, fifty-six delegates to the Second Continental Congress met in Philadelphia to sign the Declaration of Independence, changing the world emphatically and manifesting the idea that liberty is granted by God, not men. More than two centuries later, men and women from all over the world still come to the United States to seek the freedoms and opportunities not available in their home countries. Some have fled tyrannies to come to a nation conceived in liberty. A liberty that was further ratified with the Constitution, adopted in 1787 and the Bill of Rights in 1791. A liberty that has preserved our nation through wars, internal conflict and disastrous economic times. Even in our darkest hours, Americans have maintained our liberty, recognizing that whatever adversities life may bring, the liberty granted by God and claimed by our Founders would remain. Or would it.

It’s hard to imagine that a concept of liberty that has survived for two hundred […] → Keep reading